CandleFocus

South Korea Prepares a New Law for the Regulation of Cryptocurrencies

South Korea's Financial Services Commission (FSC) is preparing a bill to create stricter qualifications for major shareholders and reform the governance structures of virtual asset exchanges. The FSC chairman, Kim Byung-hwan, announced this during a state audit, stating that the current laws lack the legal basis to investigate large shareholders. The issue was raised by a lawmaker who highlighted the lack of supervision in virtual asset exchanges compared to traditional financial institutions. The example of Bithumb was given, where the governance structure was influenced by individuals involved in fraud and embezzlement. The FSC is urged to quickly identify and assess major shareholders for ethical standing and social credibility.

Related News